SOCAR official: Azerbaijan has 2 billion tons of oil condensate

Baku. 4 June. REPORT.AZ/ Today Azerbaijan has 2 billion tons of oil condensate.

Report informs, the first Vice-President of the State Oil Company of Azerbaijan Republic (SOCAR), Khoshbakht Yusifzade said at the International Oil and Gas Conference in Baku today.

According to SOCAR representative, overall reserves of "Babak", "Nakhchivan", "Zyafyar-Myashyal", "Araz-Alov-Sharg", "Asiman-Shyafyag" equal to 6 trillion cubic meters of gas and 4 billion tons of oil condensate.

K.Yusifzade noted there are three main ways to increase the recovery factor in Azerbaijan: "One of them is re-development of deposits on land. If we believe the forecasts, about 50% of land reserves haven't been extracted yet.The second method is related with Mesozoic sediments. We can succeed in their development. Even in Soviet times, we carried out various studies.

We cooperate in this area with companies such as Total, Statoi̇l. And finally, the last way is the application of nanotechnology in the field of oil production.We slipped some work in this regard. In this process, creation of the Science Foundation also gave an effect."